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Industrial-Alliance Begins an International Roadshow in View of an Issue of Shares at the Beginning of February

Quebec City,

News Release

As part of its process to convert into a capital stock company, Industrial-Alliance Life Insurance Company is beginning a roadshow today of several cities in Canada, the United States and Europe, which should lead to an initial public offering at the beginning of February 2000.

The purpose of this international roadshow is to meet with investors in order to issue approximately 21.5 million shares (excluding the over-allotment option). This number corresponds to the shares allotted to the policyholders who, as part of the demutualization process, chose or are deemed to have chosen a cash amount.

Presentations to investors begin today in London, England, and should finish the week of January 31. The roadshow will visit several cities in Europe (London, Paris, Zurich and Milan) and the U.S. (New York, Boston, Philadelphia, Chicago, Houston, San Francisco and Los Angeles, among others). In Canada, presentations will be made in Quebec City, Montreal, Toronto, Winnipeg, Calgary and Vancouver. The closing of the initial public offering is scheduled for the week of February 7. Industrial-Alliance shares will be listed on the Toronto Stock Exchange under the symbol "IA".

The syndicate formed for the IPO is made up of eleven investment dealers, including Nesbitt Burns, which is acting as the lead underwriter. Merrill Lynch Canada has been chosen as senior co-manager, while RBC Dominion Securities, Scotia Capital, National Bank Financial Corporation and TD Securities have been retained as co-managers. The remaining four underwriters are: CIBC World Markets, Griffiths McBurney & Partners, HSBC Securities (Canada), Newcrest Capital and Fox-Pitt, Kelton.

The net proceeds from this initial public offering will primarily fund the payments to policyholders who will receive a cash amount. The balance of the net proceeds, if any, will be retained by Industrial-Alliance to defray the conversion costs, among other things.

The Industrial-Alliance Group is the seventh largest life and health insurance company in Canada. Building on more than a century of experience, the Group operates throughout Canada and offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, investment funds, mortgage loans and other financial products.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy the common shares in any jurisdiction.

Industrial-Alliance common shares have not been and will not be registered under the United States Securities Act of 1933, and may not be offered or sold in the United States without obtaining exemption from the requirements of such Act.

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For further information, contact:
Jacques Carrière
Senior Director, Public Affairs
(418) 684-5275
(418) 576-3624 (cell.)